Terms for Deposits

  1. MINIMUM DEPOSIT
  • The minimum amount accepted for Saving Account / Recurring Deposit Scheme is Rupees 1000/- (Rupees One Thousand Only).
  • The Minimum amount accepted for Fixed Deposit / Kisan Nidhi Bond / Mahila Nidhi Bond / Ladli Nidhi Bond  is Rs. 5,000/- (Rupees Ten Thousand Only).
  • The Minimum amount for daily Deposit is Rs. 100/- (Rupees Hundred Only).
  1. Deposits may be made in the joint names of two or more persons, former or survivor or either or survivor basis.
    3. The deposits made in the name of a minor may be operated upon or withdrawn by the person making the deposit and representing the minor as his or her guardian. In case of demise of such guardian any other person claiming as guardian shall not be entitled to operate upon or withdraw the deposit unless permitted by the Board of Directors which shall be at its discretion. Moneys so paid to such guardians shall afford a complete discharge to the Fund for payment of the deposit and shall not be questioned by minor or by any one on his or her behalf.
  2. PERIOD AND MATURITY VALUE
  • The rate of interest payable will be decided by the Board of Directors from time to time and will apply to all deposits accepted on or after that date, subject to RBI Regulations.
  • TDS in terms of the provisions of the Income Tax Act 1962 in force will be deducted at source from the interest payable. Non assesses are requested, if necessary, to furnish a statement in the prescribed Form 15 G/15H or Form 60 161 so that tax may at source not be deducted. This will be according to the Income Tax Act at force on date. The fund does not take any liability after submission of Form 15G/15H/60/61 by depositors.
  • At the time of maturity the specimen signature of the member shall be tallied.
  1. REPAYMENT OF DEPOSITS
  • For repayment of deposit the deposit receipt has to be surrendered duly discharged on one rupee revenue stamp. In the case of Former or Survivor (For S) deposit the discharge has to be made by the first named depositor during his/her life time. However in the case of Either or Survivor (E or S) deposit either depositor can give the discharge. In the case of joint accounts the deposit receipt should be discharged by both the depositors.
  • Withdrawal before Maturity
    • A fixed deposit account or a recurring deposit account or a similar nature of deposit shall be foreclosed by the depositor subject to the following conditions, namely:-
    • The Company shall not pay any deposit within a period of three months from the date of its acceptance;
    • On prematurity request by the depositor after three months of the deposit, the depositor shall not be entitled to any interest up to period of six months from the date of deposit. The interest payable for the remaining period after six months shall be payable by the ordinarily agreed/applicable rate of interest (i.e. rate of interest payable which the Company would have ordinarily paid, had the deposit been accepted for the period from which such deposit had run) reduced by two percent.
    • In case of Pre Mature Payment of deposit, rupee value of the Gift, if any given to the depositor, shall be recovered along with interest@ 18 % Per annum (Monthly Compounded).
  • All the payments of the deposits shall be made by crossed cheque/demand draft on a Bank in favour of depositor marked account payee where applicable.
  • The payment of deposit shall be made with in a period of 7 to 14 days from the date of withdrawal request subject to other conditions fulfilled.
  1. No interest or any other benefit will be payable, after the date of maturity.
    7. Deposit can be renewed by signing the deposit receipt on the reverse (without revenue stamp) and accompanied by Renewal application form duly filled in and signed. In the case of Former or Survivor (F or S) deposit only the first named depositor can sign the deposit receipt for renewal.
    8. Deposit receipt is not transferable. Hence no addition, deletion or change of names is permissible during the tenure of the deposit receipt.
    9. The interest shall be calculated, compounded and accumulated as per the specifications of the particular scheme approved by the Board of Directors and as amended time to time.
    10. The fund will not recognise any lien, charge or other encumbrance on deposit. Depositors are requested to intimate any change in address.
    11. Cheques/Drafts should be drawn in favourable of” Jayant India Nidhi Limited” crossed “Account Payee”. Drafts should be made payable at Gurgaon only.
    12. Jayant India nidhi Limited reserves the right to Change the Rate of Interest and Amend, the Terms and Conditions of the Scheme.
    13. In case of any issue regarding repayment of deposit, the depositor may approach to Registrar of Companies.
    14. In case of any deficiency in serving to the depositor, the depositor may approach the concerned Consumer Dispute Redressal Forum for redressal of his/her/their relief.
    15. The deposits accepted by the Company are not insured and the repayment of deposit is not guaranteed by either the Central Government or the Reserve Bank of India.
    16. All kind of deposits are always subject to the provisions of the Companies Act 2013, Nidhi Company Rules & Regulations and all other applicable rules and regulations in India.
    17. All the disputes are subject to Gurgaon jurisdiction only.
    18. I/We agree for all the above conditions for governing the deposits and such other regulations that may be issued by the Reserve Bank of India. I have also been supplied with a Hand book containing the details of Branches, Board of Directors, Net Owned Funds, Dividend declared and the financial position of the Nidhi Company for the preceding 3 years, with full knowledge, I/We accept to Deposit.
    Preliminary Terms & Conditions subject to change.

Terms for Membership

  • A person is to be a member once in the company during his/her lifetime.
  • A person has to affix his passport size photograph along with a self-attested copy of PAN Card and Identity Proof in the Application Form which is mandatory.
  • A member can open Saving/Recurring/Fixed Deposit and any other specific deposit account as decided by the company.
  • The loan can be granted to the members only.
  • Loan to members can be granted against their deposits/gold/properties and other specified securities etc. on the sole discretion of the company only.
  • At the time of maturity, the specimen signature of the member shall be tallied.
  • The applicant shall not be the member of another Nidhi / Mutual Benefit Company.
  • The applicant shall be of major, sound mind and eligible to enter into a contract or agreement.
  • The member shall not have been punished for any criminal offense by any court of law.
  • The member shall not be engaged with any other competitor of the company in any manner.
  • The member can transfer shares only after he/she/they have completed one year of the membership in the company.
  • In case of loss/transfer of Share Certificate the member have to pay Rs. 200/- for reissue of the Share Certificate.
  • All the Cheques/DD shall be drawn in favor of “Jayant India Nidi Limited”.
  • The company reserves all the rights related to refund/buy back of shares.
  • The membership of the applicant can be terminated by the company if any of the information provided by the applicant is found false/wrong and/or if the member does not comply with the terms and conditions of the company.
  • The Membership and Shareholding are also subject to the provisions of the Companies Act 2013, Nidhi Company Rules & Regulations and all other applicable rules and regulations in India.
  • All the disputes are subject to Gurgaon jurisdiction only.
  • I/We acknowledge I/We have read and understood the contents of this form, and have been given full opportunity to discuss the implications of this consent of my/our own free will and my/our decision is not based upon representations or advice by representatives of the Company.

Preliminary Terms & Conditions subject to change.

Terms for Loan Against Deposits

  1. Loan amount (outstanding) will not exceed 75% of the deposit amount at any point of time. In case of cumulative interest option, the deposit amount will comprise of the original deposit amount and interest credited. However, the loan amount will be restricted to a net present value of the deposit amount discounted at loan interest rate from the maturity date of the deposit in the event of deposit interest is not recovered/repaid against loan interest.
  2. The rate of interest on the loan will be 2% above the deposit interest rate. In addition, any other charges by way of tax/levy, applicable on interest on the loan, shall be payable by the depositor, as applicable from time to time.
  3. The period of loan will be up to the date of maturity of the deposit. Loan against deposit can be considered only after completion of three months from the date of considered.
  4. All depositors shall apply jointly for the loan and their liability thereto will be joint and several. In case any of the depositors is a minor, loan against deposit shall not be considered.
  5. The loan will be secured by the pledge of deposit by way of delivering to JAYANT INDIA NIDHI LIMITED the original deposit receipt duly discharged by of all the depositors as well as the Promissory Note.
  6. Interest on the loan will be compounded monthly/quarterly/half yearly/yearly as per the sole discretion of Jayant India Nidhi Limited.
  7. The interest on the loan will be recovered/paid from the interest on deposit (subject to TDS, if any) and/or maturity value of deposit. However, interest on loan amount can be paid in part or in full at any time.
  8. The loan amount can be repaid either in part or in full at any time. The outstanding loan amount will be recovered from the deposit amount on the date of maturity or premature withdrawal.
  9. All amounts due either by the way of interest or principal and any other charges (including interest tax) will be recovered from the amount payable on maturity or premature withdrawal.
  10. The above terms and conditions pertaining to loan against deposit are subject to change without prior notice at the sole discretion of Jayant India Nidhi Limited.

Preliminary Terms & Conditions subject to change.

Terms for Gold Loans

The Borrower(s) [which includes his/her heirs, legal representatives & permitted assigns] hereby agrees to abide and be bound by the following terms and conditions (“Terms and Conditions”)

GENERAL

  1. The Borrower has approached JAYANT INDIA NIDHI LIMITED(“THE NIDHI COMPANY” which expression shall, unless repugnant  to the context or meaning thereof, be deemed to include its successors and assigns) to avail of a loan against pledge of gold ornaments/ jewellery (“Loan”) which THE NIDHI COMPANY has agreed offer to the Borrower  basis this Terms and Conditions.
  2. All particulars/information given in the loan application form (“Application Form”) are true and complete and no material information has been suppressed/ withheld.
  3. The Borrower(s) acknowledges that THE NIDHI COMPANY shall have no liability for any consequences arising out of any erroneous details provided by the Borrower(s).
  4. The Borrower(s) authorizes THE NIDHI COMPANY to carry out such credit checks/ background verifications and at such time as it may deem necessary.
  5. The Borrower(s) understands that the sanction of the Loan is at the sole and absolute discretion of THE NIDHI COMPANY and upon the Borrower executing necessary security and other formalities as required by THE NIDHI COMPANY.

PLEDGING OF GOLD SECURITY

  1. The Borrower(s) promises, assures, undertakes & confirms that the Borrower(s) is the owner/joint-owner and is in possession of certain gold jewellery/ornaments (“Gold Security”)over which the Borrower(s) will create a first and exclusive charge by way of pledge in favour of THE NIDHI COMPANY by depositing the same with THE NIDHI COMPANY in a sealed packet to be kept with THE NIDHI COMPANY during the tenor of the Loan.
  2. The Borrower(s) agrees that THE NIDHI COMPANY shall be entitled, without furnishing any notice, to open such sealed packet during the tenor of the Loan and conduct investigation/s in connection with the quality of the Gold Security at the Borrower (s)’s cost at any time.
  3. The Gold Security and any other security furnished by the Borrower(s) to THE NIDHI COMPANY will be released only upon payment in full of the dues outstanding under Loan by the Borrower(s) to THE NIDHI COMPANY.
  4. In case the value of Gold Security falls lower than the required margin of THE NIDHI COMPANY as applicable from time to time, without prejudice to the right to declare an Event of Default (as defined hereinafter) under Clause 31 and 32 here under and/or to right to sell the Gold Security and/or exercise any other right or remedies available with THE NIDHI COMPANY hereunder or under law, the Borrower(s) shall, within 3 (three) days of a notice from THE NIDHI COMPANY in this regard, deposit with THE NIDHI COMPANY, such additional security, as may be required.
  5. The Borrower(s) knows that THE NIDHI COMPANY has made an arrangement for having taken appropriate insurance for the jewellery/gold taken from the Borrower(s) as collateral.
  6. It is further agreed that the Gold Security created shall also be security for all other monies that may be due and payable by the Borrower(s) to THE NIDHI COMPANY, on any account whatsoever, whether present or future, including any liability of the Borrower (s) as a surety or co-obligator either singly or along with any other person.
  7. The Borrower(s) confirms that the Borrower(s)’s title to the gold jewellery/ornaments deposited/to be deposited by as security is not fake/defective/or stolen by the Borrower(s) nor is challenged by any person in any manner nor is it spurious or of inferior quality as it has been acquired by the Borrower(s) from genuine sources, is the bonafide property of the Borrower(s) and no other person has any claim, lien or charge against it.

VALUATION OF GOLD SECURITY

  1. The valuation of the Gold Security shall be done by an assayer authorized and appointed by THE NIDHI COMPANY and the Loan amount shall be determined by THE NIDHI COMPANY on the basis of the value of the Gold Security as set out in the valuation report supplied by the assayer (“Valuation Report”). Such value shall be subject to the market price of the Gold Security from time to time.
  2. The Borrower(s) confirms that the value of the Gold Security as determined by the assayer and set out in the Valuation Report is acceptable, conclusive and final and binding on Borrower(s).
  3. It is understood that by virtue of the Loan being sanctioned by THE NIDHI COMPANY to the Borrower , it  does not mean,  THE NIDHI COMPANY  confirms or accepts the  gold ornaments  pledged is to  be  of 22 carat purity. It is further  understood  that  the  valuation done  by THE NIDHI COMPANY  is only  an assessment done by THE NIDHI COMPANY in order to assess its   collateral value towards the Loan to be given to the Borrower, as such, THE NIDHI COMPANY is not at all responsible, accountable , bound  with regards to  purity of ornaments/gold.

GOLD DEPOSIT RECEIPT

  1. At the time of disbursal of the Loan to the Borrower and pledge of the Gold Security by the Borrower with THE NIDHI COMPANY, THE NIDHI COMPANY shall hand over a receipt to the Borrower acknowledging receipt of the Loan by the Borrower (“Gold Deposit Receipt”).

The Gold Deposit Receipt is to be produced by the Borrower upon repayment of the Loan and at the time of return of the Gold Security by THE NIDHI COMPANY to the Borrower.

REPAYMENT, RENEWAL AND ENHANCMENT OF LOAN

  1. The Borrower agrees that THE NIDHI COMPANY shall have the absolute right to recall the Loan at any point of time, without assigning any reasons by writing a notice mailed/delivered to the Borrower(s) cancel in full or part of the Loan and demand the repayment of the loan. Upon such demand the Loan along with interest there on, any other charges (if any) becomes immediately due and payable by the Borrower(s).
  2. Upon maturity, the Borrower(s) shall either repay the Loan along with interest, and such any other dues as mentioned in Clause No.27, as are payable by the Borrower(s) to THE NIDHI COMPANY.
  3. The Borrower(s) may, before expiry of agreement date,  request  a renewal/enhancement of the Loan which THE NIDHI COMPANY may grant the Borrower at its sole and absolute discretion, subject to the continuation of the pledge over the Gold Security in favour of THE NIDHI COMPANY and provision of such other  security and in such form as THE NIDHI COMPANY  may require and such variations in the  rate  of interest as THE NIDHI COMPANY  may prescribe as per its policies prevailing at the time of such renewal/enhancement.
  4. At the time of renewal of the Loan whether during or after the expiry of the tenure of the Loan, the Borrower(s) may request THE NIDHI COMPANY to grant the renewal to the Borrower(s) on a higher/lower loan-to-value ratio or any other term which THE NIDHI COMPANY may allow at its sole and absolute discretion subject to payment of a such fee as THE NIDHI COMPANY may prescribe.

INTEREST/PENAL CHARGES

  1. The interest payable on the Loan shall be as mentioned in the Sanction Letter and/or Gold Deposit Receipt and will be charged on an actual/reducing basis and shall be computed on the basis of a year of three hundred and sixty- five days. Subject to prevailing policies of THE NIDHI COMPANY with regard to (a) the Loan amount applied by the Borrower(s) and sanctioned to the Borrower(s); and/or (b) loan- to-value, the Borrower(s) may be required by THE NIDHI COMPANY to pay the interest amount either on monthly, quarterly, half yearly, yearly basis. THE NIDHI COMPANY, without furnishing any notice, shall be entitled to deduct, prior to the disbursement of any funds under the Loan, from the total amount of funds made available to the Borrower(s) under the Loan, the total amount of interest payable with respect to the Loan, including interest tax (if any).
  2. The Borrower(s) understand/s and agree/s to pay the interest at monthly/quarterly/ Half yearly, yearly or such intervals as decided and agreed by THE NIDHI COMPANY. The interest amount to be paid in cash. The Borrower(s) is/are required to produce all the receipts of the interest paid at the time of expiry of the loan. The Borrower(s) shall be liable to pay a minimum applicable rate of interest.
  3. It is understood, by the Borrower that  for default  in repayment of interest/principal as it may fall due  as per  loan terms, additional  penal charges at the  @  3% a. are applicable  on principle amount  from the  day of default  for the  period  the amount is in default.
  4. THE NIDHI COMPANY shall give notice of change in the interest rate and terms and conditions either by email, SMS, correspondence, display the same on its website/ branch offices or any other manner as THE NIDHI COMPANY may deem fit and such change(s) will thereupon  apply to and be binding on  the  Borrower(s). The Borrower(s) agrees  and  accepts  that  it is  his/ their prime responsibility to  keep  himself/ themselves update  regarding any such change in interest rate and additional/penal interest rate  or any other  bench mark rate regardless of receipt of such notice or communication or otherwise.

PREPAYMENT/PART PAYMENT OF LOAN

  1. The Borrower(s) agrees that the Loan may be prepaid, in whole or in part, by the Borrower(s) with the prior written consent of THE NIDHI COMPANY.
  2. After consideration, THE NIDHI COMPANY may grant on such conditions as it may deem fit, including without limitation the payment of prepayment or part payment charges as the case may be, as stipulated by THE NIDHI COMPANY, which prepayment and/or part payment charges may be applied and collected by THE NIDHI COMPANY either at the time of maturity or closure or renewal, whichever is earlier. Without prejudice to any other rights that THE NIDHI COMPANY may have under law, in case of non-payment of any dues, the Borrower(s) shall be liable to pay additional interest/default interest at such rate as may be prescribed by THE NIDHI COMPANY on the entire Loan plus the interest due on that date.

COSTS

  1. The Borrower(s) shall pay all costs, charges and expenses, including stamp duty, VAT and legal costs, proportionate insurance cost on an actual basis and other charges and expenses which may be incurred in preparation of any documents related and/or incidental to the Loan, as also for the enforcement or attempted enforcement of the security created.
  2. The Borrower(s) authorizes THE NIDHI COMPANY to debit /credit the Borrower(s)’s account(s) kept with THE NIDHI COMPANY towards any charges/servicing the Loan.

RTGS/NEFT TRANSACTION

  1. The Borrower(s)  authorizes  THE NIDHI COMPANY  to  carry out  the  RTGS/NEFT  transaction  as  per  detail  mentioned  in  the  application.  The Borrower(s) understands that RTGS/NEFT request is subject to the Reserve Bank of India (“RBI”) regulations and guidelines governing the same.  The Borrower(s) further acknowledges that THE NIDHI COMPANY accepts no liability for any consequences arising out of erroneous details provided by the Borrower(s).

REPRESENTATIONS AND WARRANTIES BY THE BORROWER(S)

  1. The Borrower(s)(s) represent(s) and warrant(s) that:
  2. The Borrower shall observe and perform all its obligations under these Terms and Conditions.
  3. The Borrower(s) are/is citizen(s) of India.
  4. The Borrower shall not leave India for employment or business or a long stay or permanently (without first repaying the Loan) or without the prior permission of THE NIDHI COMPANY.
  5. The Borrower(s) shall utilize the Loan solely for the purpose stated in the Application Form and will not be used for any speculative, unlawful, illegal or anti-social purpose.
  6. The Borrower(s) shall perform and be bound by all the covenants/conditions set out herein, in the agreement governing terms & conditions of Gold Loan and any further conditions as may be prescribed by THE NIDHI COMPANY.
  7. The Borrower also represents that the Borrower does not appear on the Reserve Bank of India’s (“RBI”) list of defaulters and Export & Credit Guarantee Corporation’s (“ECGC”) caution lis Further, if any such proceeding is initiated by any of such departments, THE NIDHI COMPANY shall be promptly informed of the same. In the event,  THE NIDHI COMPANY  discovers that  the  said representation was incorrect at a later stage, or in case of non reporting of any subsequent  proceedings, THE NIDHI COMPANY shall be fully empowered  to take any criminal action/ other suitable proceedings against the Borrower. Further, the Borrower’s names does not appear on any lists, notifications or directions issued by the RBI with respect to anti money laundering or combating financing of terrorism or any sanctions lists published by the United Nations Security Council with respect to terrorist related activities.

DEFAULT

  1. THE NIDHI COMPANY may, without assigning any reason and upon written notice mailed or delivered to the Borrower(s) cancel in full or in part the Loan and demand repayment thereo Upon such notice, any dues shall become forthwith due and payable by the Borrower(s) to THE NIDHI COMPANY.
  2. The following events shall constitute events of default under this Agreement (“Events of Default”), upon the occurrence of which any dues shall become immediately due and payable by the  Borrower(s) to THE NIDHI COMPANY  and further  enable THE NIDHI COMPANY  to enforce  the  Gold Security and any other security furnished hereunder  and sell the same:
  • One of the triggers for default would be where collateral coverage for THE NIDHI COMPANY exceeds 90% in terms of outstanding principal and accumulated interest, in the event of the prices of gold falling sharply. THE NIDHI COMPANY in the first instance will give a notice to the Borrower to provide additional collateral to cover up margin within 3 days from the date of such notice, failing which the same shall be construed as event of default permitting THE NIDHI COMPANY to go ahead with liquidation of collateral.
  • If the Loan is not repaid on the date of maturity
  • In the event of non-servicing of interest on the due date
  • If any representations or statements or particulars made in the application form for the Loan (“Application Form”) are found to be false, misleading or incorrect
  • Upon detection of any systemic fraud in relation to the quality of the gold pledged by the Borrower, by the THE NIDHI COMPANY
  • If the value of the gold security falls lower than the required margin of the THE NIDHI COMPANY as applicable from time to time, due to change in market price or any other reason.
  • If it is discovered owing to reasonable  suspicion on the  part  of THE NIDHI COMPANY  that  there  is collusion  between  the  assayer and the Borrower resulting in fraudulent and erroneous valuation of the gold security.
  • In the event of insolvency, failure in business, commission of an act of bankruptcy by the Borrower.
  • There exists any circumstance which in the opinion of THE NIDHI COMPANY jeopardizes THE NIDHI COMPANY’s interest;
  • The Borrower committing default under any other terms and conditions of THE NIDHI COMPANY

AUCTION IN CASE OF DEFAULT

  1. Upon the occurrence of an Event of Default, THE NIDHI COMPANY shall be entitled to sell the Gold Security in the open market by auction.
  2. The auction shall be conducted by THE NIDHI COMPANY as per the auction policy approved by the Board of Directors of THE NIDHI COMPANY.
  3. The auction shall be conducted by THE NIDHI COMPANY by giving one advertisement in daily newspapers in vernacular language and another advertisement in a national daily newspaper, after giving the Borrower(s) a notice of 15 business days which the Borrower(s) agrees is a reasonable period for the purposes of Section 176 of the Contract, 1872.|
  4. The proceeds so realized from the sale of the Gold Security shall be utilized towards the repayment of dues under the Loan.
  5. In the event that the proceeds so realized are insufficient to meet the amount of dues, THE NIDHI COMPANY may take such other and further actions as it may deem necessary to realize the balance amount from the Borrower(s).
  6. In case of more than one Borrower(s), the Borrower(s) agree that their liability shall be joint and several.

NOTICES

  1. Any notice (including notice of sale of Gold Security) shall be sent to the Borrower(s)’s address mentioned in the Application Form.
  2. Such notice may be sent via
  • Registered Post Acknowledgement Due (RPAD); or
  • Courier; or
  • Hand delivery; or
  • Fax: or
  • Sent via email at the email address mentioned in the Application Form; or
  • Short Message Service (SMS) to the Borrower(s)’s mobile phone mentioned in the Application Form.
  1. Such service shall be deemed to have been effected, in case of delivery by RPAD/Courier, post the expiry of the 2nd day of such posting, in case of delivery by hand on the date on which it is delivered and in the case of email, short message service (SMS) or fax on receiving the delivery report of the same.

RIGHTS OF THE LENDER (JAYANT INDIA NIDHI LIMITED)

  1. In addition to any general lien or similar rights to which THE NIDHI COMPANY may be entitled by law, THE NIDHI COMPANY may at any time and without notice to the Borrower(s) combine or consolidate all or any of the Borrower(s)’s accounts with any liabilities to THE NIDHI COMPANY and set off or transfer any sum or sums standing to the credit of any one or more of such accounts in or towards satisfaction of any of the Borrower(s)’s liabilities to the THE NIDHI COMPANY on any other  account or in any other  respect,  whether  such liabilities be actual or contingent, primary or collateral and several or joint.
  2. THE NIDHI COMPANY shall have the right to stipulate any other and further terms and conditions that it may deem fit at any time prior to or after the grant of the Loan, which shall be binding on the Borrower(s).
  3. THE NIDHI COMPANY may hedge the price risk by entering in to option contracts on the underlying Gold Security and the Borrower agrees to pay the respective proportionate premium in respect of the options contracts.
  4. All rights of THE NIDHI COMPANY stipulated these Terms and Conditions shall be in addition to the rights, powers and remedies available to THE NIDHI COMPANY under law.
  5. THE NIDHI COMPANY reserves the right to retain the photographs and documents submitted with the Application Form and will not return the same to the Borrower.
  6. In the event of loss of the gold ornaments due to theft or any natural calamity like fire, floods, earthquake etc which is pledged with THE NIDHI COMPANY, the liability of the THE NIDHI COMPANY is limited to replacing the lost gold ornaments (which were pledged with THE NIDHI COMPANY) with equivalent weight and purity excluding stone  / diamond value as specified in valuation report  of THE NIDHI COMPANY  and agreed  to by Borrower while accepting the terms of the Loan. THE NIDHI COMPANY will provide the amount in cash equivalent to the value of the Gold Security as on date. Gold Security value on that date  is calculated by way of agreed weight and purity on the date  of pledging and multiplying same by current date price as per published d THE NIDHI COMPANY will not consider the value of stone or diamond embedded in jewellery / ornaments at the time of loss replacement.

MISCELLANEOUS

  1. NO WAIVER

(i) The delay in exercising or omission in exercising any right, power or remedy accruing to THE NIDHI COMPANY upon any default under these Terms and Conditions, security documents or any other agreement or document in relation to the Loan shall not impair any such right, power or remedy nor shall be construed to be a waiver thereof or any acquiescence in such default. The action or inaction of THE NIDHI COMPANY in respect of any default or any acquiescence by it in default shall not affect or impair any right, power or remedy of THE NIDHI COMPANY in respect of any other default.
(ii) The waiver of any default or delay under these Terms and Conditions by THE NIDHI COMPANY or the Borrower shall not constitute a waiver of any subsequent delay or default of a similar or different nature.

  1. SEVERABILITY

Any provision of these Terms and Conditions which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction be ineffective only to the extent of prohibition or un-enforceability but that shall not invalidate the remaining provisions of these Terms and Conditions nor affect such provision in any other jurisdiction.

  1. OTHER SERVICES

THE NIDHI COMPANY may provide the following facilities to the Borrower which will enable the Borrower through a POS terminal:

  • Statement of Account (SOA) view
  • Balance inquiry
  • Repayment schedule
  • NOC clearance
  • Foreclosure Statement
  1. DISPUTE SETTLEMENT

All claims, disputes, differences or questions of any nature arising between the Borrower and THE NIDHI COMPANY with respect to these Terms and Conditions, whether during or after the termination of these Terms and Conditions, in relation to the construction, meaning or interpretation of any term used or clause of these Terms and Conditions or as to the rights, duties, liabilities of the Borrower and/or THE NIDHI COMPANY arising out of these Terms and Conditions, shall be referred to the arbitrator appointed by THE NIDHI COMPANY. The Borrower and THE NIDHI COMPANY mutually agree and confirm that the arbitration proceedings shall be conducted in accordance with the Arbitration and Conciliation Act, 1996 as amended from time to time and the proceedings shall be held at Gurgaon and shall be conducted in Hindi or English. Pending the giving of the Award including Interim Award, the Borrower shall be liable to perform its obligations under these Terms and Conditions.

  1. GOVERNING LAW

These Terms and Conditions shall be governed by and construed in accordance with the laws of India.

  1. JURISDICTION

The courts in Gurgaon shall have non-exclusive jurisdiction over any matter(s) arising out of relating to these Terms and Conditions and/or any transactions contemplated herein. Provided however, that nothing contained herein shall affect the right of THE NIDHI COMPANY to commence legal proceedings or otherwise proceed against the Borrower in any other jurisdiction.

INDEMNITY

  1. The Borrower shall indemnify and hold THE NIDHI COMPANY saved and harmless from time to time and at all times from and against any and all loss, damage, claims, expenses, charges, demands, penalties or other costs and consequences which may arise or result from granting of the Loan to the Borrower or performing any service to the Borrower there  under or otherwise arising out of, in connection with, in relation to or pursuant to these Terms and Conditions or the Loan provided hereunder  including, without limitation, payment for any loss and damage which THE NIDHI COMPANY may make, suffer or sustain by reason or on account on sanctioning the Loan and shall upon request appear and defend at the Borrower’s own cost and expense any action, suit or other proceedings which may be brought against THE NIDHI COMPANY in connection therewith. The Borrower shall further  be liable to indemnify THE NIDHI COMPANY in respect  of any and all expenses incurred by THE NIDHI COMPANY in enforcing or attempting to enforce these Terms and Conditions including legal fees and disbursements on a full indemnity basis.|

DISCLOSURE

  1. The Borrower(s) further authorizes THE NIDHI COMPANY to make any enquiries with any other finance company or registered credit bureau regarding the Borrower(s)’s credit history with them.
  2. THE NIDHI COMPANY is also authorized to provide details of the Borrower(s) credit history to any other finance company/registered credit bureau.
  3. THE NIDHI COMPANY shall have the right to make disclosure of information relating to the Borrower(s) to the Credit Information Bureau of India (CIBIL) and/or any other governmental/regulatory/statutory or private agency as required under law from time to time. All information and data furnished by the Borrower to THE NIDHI COMPANY from time to time shall be true and correct.
  4. The Borrower(s) authorizes & gives consent to THE NIDHI COMPANY to disclose, without notice to the Borrower(s), any information furnished by the Borrower in the Application Form(s)/related documents executed/to be executed in relation to the facilities availed from THE NIDHI COMPANY, to THE NIDHI COMPANY’s other branches, subsidiaries, affiliates, credit bureau, rating agencies, service providers, financial institutions, governmental/regulatory authorities or third parties for KYC information verification, credit risk analysis,  or for other  related purposes that the THE NIDHI COMPANY may deem fit.
  5. The Borrower(s) waives the privilege of privacy and privity of contract.

DECLARATION

  1. The Borrower(s) confirms having received, read and understood these Terms and Conditions and hereby accepts the same unconditionally and agrees that the same may be changed by THE NIDHI COMPANY at any time and the Borrower will be bound by such amended terms and conditions.
  2. The Borrower(s) hereby confirms that the official of THE NIDHI COMPANY has read and translated accurately the aforesaid terms and conditions in his/their vernacular language and that the Borrower(s) has completely understood the same.
  3. The Borrower(s) hereby confirms that he has received a copy “Agreement Governing Terms & Conditions of Gold Loan”.

Preliminary Terms & Conditions subject to change.

Terms for Mortgage Loans

Rate Of Interest

The rate of interest applicable for floating rate lending products is determined with reference to the JAYANT INDIA NIDHI LIMITED Term Loan Reference Rate (i.e. TLRR) and customer margin communicated in the sanction Letter at the time of origination and thereafter. The TLRR may change from time to time and any revision in this rate will have an impact on the interest rate. Any change in rate of interest can impact Equated Installments or Tenure or both. Customer would be required to service the loan monthly at the rate set out in the Loan agreement.

Fees And Charges

Please refer to the Schedule of charges for the latest fees. Customer can also make enquiries at any branch of JAYANT INDIA NIDHI LIMITED or with JAYANT INDIA NIDHI LIMITED Customer service. Any fees and charges mentioned in the Sanction Letter are the rates applicable on the date of issue of the Sanction Letter and are subject to change from time to time. Any Service Tax as applicable on the fees and charges shall be payable by the Borrower.

Liability Of Borrower

Where  the  Loan is provided to more than one Borrower, then the  liability of the  Borrower to repay  the  Loan together with interest and  all other amounts and  to observe the  terms and  conditions of the
Agreement/ and any other agreement(s), document(s) made between the Borrower and JAYANT INDIA NIDHI LIMITED in respect of the Loan will be joint and several.

Security

The loan will be secured by Equitable/Registered mortgage/extension of mortgage of land and building/flat for which the loan is to be sanctioned.
JAYANT INDIA NIDHI LIMITED shall have the right to decide, in its sole discretion, the type, manner and the timing of creation of mortgage or any other security; and/or any additional security to be created by the Borrower for securing the Loan and all other amounts due to JAYANT INDIA NIDHI LIMITED. The Borrower is bound to create such security and shall duly execute documents evidencing the same as may be required by JAYANT INDIA NIDHI LIMITED Loan which is being offered is based on the understanding, that the property is located in India and within JAYANT INDIA NIDHI LIMITED approved city limits. Even if the property is within the specified limits, JAYANT INDIA NIDHI LIMITED may refuse to disburse the loan if the property does not meet JAYANT INDIA NIDHI LIMITED credit policies, guidelines and criteria as deemed fit by it in its sole discretion. Borrower shall procure prior written consent of JAYANT INDIA NIDHI LIMITED before renting out the mortgaged property/ies or any part thereof or before making any structural alterations in the mortgaged property/ies.

Conditions For Disbursement Of Loan

JAYANT INDIA NIDHI LIMITED shall be entitled to revoke the sanction of the facility/ies, inter alia, in any of the following circumstances:

  1. Assessment / verification checks not satisfactory to JAYANT INDIA NIDHI LIMITED
  2. Legal verification/ technical valuation of the underlying asset is not satisfactory to ABFL
  3. There is any material change in the purpose(s) for which the facility is being sanctioned
  4. In the sole judgement of JAYANT INDIA NIDHI LIMITED, any material fact has been concealed and/or JAYANT INDIA NIDHI LIMITED becomes subsequently aware of during the tenor of the loan.
  5. Accepted copy of the Sanction Letter not received within the specified period
  6. Any statement/ information made by or on your behalf is misleading, unsatisfactory or is incorrect
  7. There is a default or breach or violation of any condition of this or any other facility offered/availed by you from JAYANT INDIA NIDHI LIMITED
  8. Loan Agreement/ any other documents related to disbursement being incomplete, incorrect or unsatisfactory, in a form and manner as may be required by JAYANT INDIA NIDHI LIMITED in connection with the Facility/ies. Provided further that notwithstanding anything to the contrary contained in the Sanction Letter and Loan agreement, JAYANT INDIA NIDHI LIMITED may at its sole and absolute discretion at any time, terminate, cancel or withdraw the Facility or any part thereof (even if no / partial disbursement is made) without any liability and without any obligations to give any reason whatsoever, whereupon all principal monies, interest thereon and all other costs, charges, expenses and other monies outstanding (if any) shall become due and payable to JAYANT INDIA NIDHI LIMITED by the Borrower forthwith upon demand from JAYANT INDIA NIDHI LIMITED.

Repayment

EI” or “Equated Instalments” shall mean the amount payable by the Borrower(s) at such period of rests as provided for in the Sanction Letter, to JAYANT INDIA NIDHI LIMITED comprising of Interest, or as the case may be, principal and Interest calculated on the basis of such period of rests at the Interest Rate applicable as stated in the Sanction Letter or loan agreement and is rounded off to the next rupee.

Default

If you do not pay or are late in paying any EI, JAYANT INDIA NIDHI LIMITED will report the non payment to various credit bureaus. This may have an adverse effect on your credit rating and affect your ability to obtain credit from other Lenders. To avoid any adverse credit history with credit bureaus, member/customers should ensure that timely payment of the amount due on the loan amount is duly made.
If an “Event of default” (as defined under the Loan Agreement) happens, you will be asked to pay penal interest or such other rate of interest as decided by JAYANT INDIA NIDHI LIMITED. For Default interest rate / charges for non conformance, Please refer to Schedule of Charges for more details.

Prepayment And Foreclosure

No Prepayment or Pre-closure allowed in first 12 months from the date of disbursement of loan.
In the event of sale of security, Loan needs to be pre-closed with all dues and charges. Alternatively property can be swapped as acceptable to JAYANT INDIA NIDHI LIMITED with applicable charges.
The customer can prepay/foreclose the loan by giving a notice in writing and pay in accordance with the prepayment / foreclose rules of JAYANT INDIA NIDHI LIMITED, along with prepayment/foreclosure charges if any (Please refer to Schedule of Charges for more details). The original documents of the customer submitted to JAYANT INDIA NIDHI LIMITED, would be returned within 30 days of satisfactorily closing the loan, as per the conditions of the loan agreement signed by the customer.

Customer Services

For any service related issue, Customer can get in touch with JAYANT INDIA NIDHI LIMITED by:

  • Calling JAYANT INDIA NIDHI LIMITED Customer Service Desk on the numbers provided on our website
  • Placing a request online by logging on to jayantindia.com
  • Contacting the Relationship Manager (RM) at any of our branches

Insurance Declaration

I/We hereby declare that I/We would like to opt for insurance plan offered by insurance company in association with JAYANT INDIA NIDHI LIMITED. I/We have carefully read and understood the contents of the brochure. I/We have understood that the Loan/Facility amount sanctioned by JAYANT INDIA NIDHI LIMITED is unconditional to my/our opting for the Insurance & undertake to pay the requisite premium at the time of disbursement of the loan. I confirm that I am voluntarily participating in this program and am aware that the loan is available without the insurance as well.

Declaration

  1. I/We declare that all the particulars and information and  details given/ filled in this  Application Form are  true, correct, and  up to date in all respects and  that I/We have  not  withheld any information whatsoever.
  2. I /We confirm that no insolvency proceedings or suits for recovery of outstanding dues or monies whatsoever and/ or any criminal proceedings have been initiated and /or are pending against me/ us and that I/We have never been adjudicated insolvent by any court or other authority.
  3. No action nor other steps have been taken or legal proceedings started by or against me/us in any court or law/other authorities for winding up, dissolutions, administration or reorganization or for the appointment of the receiver, administrator, administrative receiver, trustee or similar officer for my /our assets.
  4. I/We declare that I/We have not made any payments in cash, bearer cheque or kind along with or in connection with this application to the executive collecting my/our application. I/we shall not hold  JAYANT INDIA NIDHI LIMITED  liable  for  any  such  payments made by us  to  the  executive collecting this  application.
  5. I/we specifically authorized JAYANT INDIA NIDHI LIMITED and all its group/business associate companies to exchange, share or part with all or any information for any purpose.
  6. I/We understand and acknowledge that JAYANT INDIA NIDHI LIMITED shall have the absolute discretion, without assigning any reasons (unless required by applicable law) to reject our application and JAYANT INDIA NIDHI LIMITED shall not be responsible in any manner whatsoever to me/us for such rejection or any delay in notifying me /us of such rejection and any costs, losses, damages or expenses, or other consequences, caused by reasons of such rejection, or any delay in notifying me/us of such  rejection, of our application.
  7. I/We understand and  am/are aware that the  processing fees collected from me/us by JAYANT INDIA NIDHI LIMITED, is for the  purpose of JAYANT INDIA NIDHI LIMITED reviewing this  loan application as per its own parameters and  is not refundable to me/us under any circumstances whatsoever, irrespective of whether JAYANT INDIA NIDHI LIMITED sanctions this  loan application of mine  or not.
  8. I/We confirm that I /we shall not use  the products or the credit /loan facility(s) (or any part thereof) for any improper /illegal or unlawful purpose/ activities.
  9. I/We shall inform to JAYANT INDIA NIDHI LIMITED regarding any changes in my /our address(s) or my employment or profession.
  10. I/We hereby confirm that I/we am/are competent and  fully authorized to give declarations, undertaking etc. execute and  submit this  application form and  all other documents for the purpose of availing the  loan, creation of security and for all the  purposes mentioned /required to be done for this.
  11. I/We confirm that I/We shall cooperate with JAYANT INDIA NIDHI LIMITED and furnish additional documents and/or shall execute such other documents, if necessary to enable JAYANT INDIA NIDHI LIMITED to abide by/comply with all other existing /further directives of the statutory /regulatory authorities/any other authority acting under any Law.
  12. The Applicant(s) hereby authorizes JAYANT INDIA NIDHI LIMITED to disclose any information /documents relating to the Applicant(s), of the facility/ies proposed to be availed by the Applicant(s) or any obligations to be assured by the Applicant(s) in relation thereto, to Reserve Bank of India, Income Tax Authorities, Credit Bureau, Third Parties, Credit Rating Agencies, Databanks, Corporate(s), Banks, Financial institutions or any other Government or any Authority (Regulatory/Statutory/Judicial/Quasi-judicial) and also to obtain information from these agencies/authorities/etc with respect to the  Applicant(s), so as to enable JAYANT INDIA NIDHI LIMITED to appraise the Applicants Application for grant of such facility/ies.

I Agree: Yes (Insert Box) No (Insert Box) I, would like to know through telephonic calls, or SMS on my mobile number mentioned in the Application Form as well as in this undertaking, or through any other communication mode, various (Insert Box) loan offer  schemes or loan  promotional schemes or any other promotional schemes and/or any other products and  hereby authorize JAYANT INDIA NIDHI LIMITED, its employee, associate and/or its group companies to do so. I confirm that laws in relation to the unsolicited communication referred in “National Do Not Call Registry” (the “NDNC Registry”) as laid down by TELECOM REGULATORY AUTHORITY OF INDIA will not be applicable for such communication/calls/ SMSs received from JAYANT INDIA NIDHI LIMITED, its employees, and/or associates.

IMPORTANT NOTE

That the receipt of your application form  for the  loan does not  imply automatic approval of your loan by JAYANT INDIA NIDHI LIMITED. JAYANT INDIA NIDHI LIMITED may request for additional documents other than those in connections with  the application. I/We confirm that executive who collected my /our applications/ documents has informed me/us and I/we am/are fully aware:
1. That taxes as may be applicable from time to time will be charged in connection with the Loan.
2. That JAYANT INDIA NIDHI LIMITED will not be liable for loss or delay in receipt of the documents.
3. That incomplete/defective applications will not be processed and JAYANT INDIA NIDHI LIMITED shall not be responsible for any manner for the resulting delay or otherwise.
4. That the applications forms, documents/ photographs will not be returned under any circumstances once submitted to JAYANT INDIA NIDHI LIMITED.
5. That approval for the applications is the sole discretion of JAYANT INDIA NIDHI LIMITED.
6. That the quantum of the loan will be finally decided by JAYANT INDIA NIDHI LIMITED and JAYANT INDIA NIDHI LIMITED has not made any commitment to me/us regarding the same.
7. That equated installments (EMI) will be due on 1st / 5th / 15th of every month (strike out which is not applicable)

The Most Important Terms and Conditions mentioned above are an indicative list of terms and conditions of our loan products. These Terms and Conditions are further described in our loan agreement under relevant sections/schedules and therefore should be read in conjunction with those mentioned in the loan agreement.

Preliminary Terms & Conditions subject to change.

Terms For Shareholders

TERMS & CONDITIONS FOR MEMBERSHIP (SHARE HOLDER)

  1. Resident of India (BHARAT) or persons employed in this country or professionals with their business establishment in this country , become a member of the company .
  2. The applicant should not be the member of another loan Nidhi / mutual benefit Company.
  3. The applicants age should be 18 year or above.
  4. He /She Should not have be enter in to a contract.
  5. He / She Should not be engaged with any other competitor of Jayant India Nidhi Limited.
  6. A member can open Saving/Recurring/Fixed Deposit and any other specific deposit account as decided by the company.
  7. Loan can be granted to the members only.
  8. Loan to members can be granted against their deposits/gold/properties and other specified securities etc. on sole discretion of the company only.
  9. At the time of maturity the specimen signature of the member shall be tallied.
  10. The company reserves all the rights related to refund/buy back of shares.
  11. The membership of the applicant can be terminated by the company if any of the information provided by the applicant is found false/wrong and/or if the member does not comply with the terms and conditions of the company.
  12. The Membership and Shareholding are also subject to the provisions of the Companies Act 2013, Nidhi Company Rules & Regulations and all other applicable rules and regulations in India.
  13. All the disputes are subject to Gurgaon, Haryana jurisdiction only.

Note: As per the company rules / sub rules your share / shares are transferable after one year.

                               TERMS & CONDITIONS FOR MEMBERSHIP (SHARE HOLDER)

  • Share capital will be refunded on applicant’s request when :
  1. Completion of 1 year after obtining membership.
  2. No dues (Loan and guarantee) should be remaining on the name of member as in membership register.
  3. Management reserves to right the share Capital.
  • Share capital will be transferred on applicant’s request :
  1. The member reserves the right to transfer share capital only he /she has completed in 1 year of membership.
  2. The Member has to pay charges of minimum Rs. 200/- and Rs. 100/- per share to the company.
  3. The Member has to pay share certificate, charges of Rs. 100/- are applicable for issue of Duplicate Certificate.
  4. I/We acknowledge I/We have read and understood the contents of this form, and have been given full opportunity to discuss the implications of this consent of my/our own free will and my/our decision is not based upon representations or advice by representatives of the Company.

Preliminary Terms & Conditions subject to change.

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